The Singapore Fintech Association (SFA) and the Fintech Association of Japan (FAJ) have signed a memorandum of understanding (MOU) to jointly develop fintech innovations.

Likewise, the parties noted that the partnership is also aimed to raise the profile of the Japanese fintech industry while promoting Singapore as a destination for Japanese businesses within Asia.

SFA president, Chia Hock Lai, expressed that the move will also bridge the gap between the two fintech communities in Singapore and Japan.

Meanwhile, FAJ vice chairperson, Natalie Shiori Fleming, mentioned that the group is looking forward to “growing synergies” through a deeper relationship with the Singapore fintech community.

As part of the partnership, Japan’s Financial Services Agency has updated legislation that promotes collaboration between banks and non-bank fintech companies as the Monetary Authority of Singapore (MAS) already established an industry transformation map (ITM) last year which outlines a growth strategy for local fintech developments.

It can be recalled that last October, MAS board member and education minister, Ong Ye Kung, claimed that the ITM aims to create up to 3,000 jobs in financial services and an additional 1,000 jobs in the fintech sector annually.

The SFA is a cross-industry, non-profit organization designed to facilitate collaboration among all stakeholders in the fintech ecosystem with over 125 members globally. FAJ, on the other hand, promotes open innovation in the Japanese fintech industry by creating networking opportunities for its over 300 members from approximately 100 local fintech companies.

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